Federal Reserve Bank of Richmond Reviews | Glassdoor

Federal Reserve Bank of Richmond Reviews

Updated July 16, 2018
83 reviews

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3.6
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Tom Barkin
3 Ratings

83 Employee Reviews

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Pros
  • "Casual dress encouraged and work/ life balance" (in 20 reviews)

  • "Potential for long term employment with great benefits including pension plan" (in 14 reviews)

Cons
  • "Not innovative due to a lot of "process" requirements and red tape" (in 6 reviews)

  • "Extremely slow to change and adapt, held back by cultural norms and regulations" (in 3 reviews)

More Pros and Cons

  1. "Research Associate"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Balanced with work and life

    Cons

    Might be boring at some point


  2. "It's what you make of it"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Individual Contributor
    Current Employee - Individual Contributor
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    There are lots of very talented people, you can telecommute, and the benefits are pretty good. Most managers are talented and seem to take pride in what they do, and they provide a good learning environment.

    Cons

    Poorly shared vision. Remarkably, executive management seems unable or unwilling to understand the day to day operation of keeping a large financial institution safe and stable. VPs and AVPs at times seem clueless and motivated by irrelevant non-sense and kingdom-building .

    Advice to Management

    Stop reorganizing, it is only making things more chaotic in an organization that is very immature from a process perspective. If you are downsizing staff, just do it . . . rip the band-aid off. You are destroying morale, and you've done a disservice to yourselves and staff thinking that you've kept the layoffs quiet.

  3. "Great Job"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    *Salary
    *Benefits
    *Autonomy
    *Flexible work hours
    *You get to work with smart people

    Cons

    *Workplace Politics
    *Hierarchical
    *Food options could be better


  4. "Stable place to work"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    pay, benefits, variety of opportunities to be exposed to across areas of expertise and a system-wide community of practice. The organization is stable.

    Cons

    consensus-driven decision making slows things down.


  5. "Good benefits, no upward mobility"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Financial Analyst in Richmond, VA
    Former Employee - Senior Financial Analyst in Richmond, VA
    Recommends
    Neutral Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Good benefits, staff is competent

    Cons

    No leadership opportunities, little is spent for development and training.

    Advice to Management

    Management is out of touch with staff members. Better communication is needed.


  6. "FRIT, don't get too excited..."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    - Nice people
    - FRIT has a fantastic benefits plan

    Cons

    things to expect and things to watch out for:
    1. recruiting - speculative
    that position you applied for may not actually exist yet, or ever. In my personal experience positions are being advertised and interviews conducted before they have budget approval. and yes, sometimes the position is cancelled between the interview and selection phases.

    2. the interview - reasonable.
    if your know your subject matter you should have no problem. most of the people i've encountered there are good to work with.

    3. the selection process - do not be in a hurry, this can drag on for several months. if something else comes along while waiting you should probably take it.

    4. the offer - prepare to be underwhelmed
    FRIT has a fantastic benefits plan, the best i have ever seen. but the salary component of their compensation program is 20-25% below market. i've turned away 2-3 FRIT positions because the salary was so low. even if you do make it through the first three phases there is some probability you will walk away disappointed.

    5. career development - get comfortable
    the organization is mostly static. do not expect mobility, either upwards or sideways.


  7. Helpful (3)

    "Big titles, little to no experience"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Individual Contributor in Richmond, VA
    Current Employee - Individual Contributor in Richmond, VA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    I think other reviews have summarized them well: compensation, retirement, etc.

    Cons

    "Cultural Corruption" and "Hired on False Pretenses" said it best, incompetence is prevalent and widely accepted. Job descriptions are a joke and don't normally align with what you do. So if you are applying for a job, just know that there is a good chance you will not do anything close to what is written and if you do, that could change over night. If you are considering applying and think you are not qualified, apply anyway. The organization regularly hires and promotes people subjectively and actual qualifications have little if anything to do with decisions. There is a common theme in all reviews - lots of " people" problems. It is no wonder why this organization has so many of these problems because the HR department is not equipped to solve them. HR leaders at the highest levels do not have HR credentials. The Chief HR officer was recently profiled and while learning about her hobbies and interests was intriguing, what stood out was her non existent job related credentials. With all of the diversity and inclusion issues the organuzation has, the leaders of that area don't have credentials either. Like other areas, HR leadership quality ranges from incompetence to mediocrity. The organization needs dynamic, courageous and credentialed leaders in all areas to address the myriad of issues it has and to understand and use best practices to hire and retain top talent. Top talent should be encouraged and positioned to use and develop their skills throughout their careers. Too often talented people either leave, submit or hit a glass ceiling because those are the only available options.

    Advice to Management

    Read your job description and make sure you can and are doing the job. Hire and promote qualified people and allow them to do the job they were hired to do.

  8. "Senior Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Richmond, VA
    Current Employee - Anonymous Employee in Richmond, VA

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    Can't beat the benefits package.

    Cons

    Constant budgetary constraints due to pressures from Washington, DC.


  9. "New leaders can mean new opportunities"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Richmond, VA
    Current Employee - Anonymous Employee in Richmond, VA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Great colleagues and benefits. Changing culture is good...less stuffy. Casual dress encouraged and work/ life balance.

    Cons

    Still a bit too down but getting better. Beloved COO retiring. Hope the new CEO doesn't try to change the culture. He's an outsider. But seems decent.

    Advice to Management

    Don't try to go fast with new leaders. Value the talent and leverage it.


  10. "Analyst"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Federal Reserve Bank of Richmond full-time

    Pros

    Good compensation and educational assistance.

    Cons

    Environment and pace of change might be slower than the private sector.


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